Condequip Engineers (India) Ltd. (CONDEQUIPENGS) - Director Report

Company director report

CONDEQUIP ENGINEERS (INDIA) LIMITED
ANNUAL REPORT 1998-99
TO
The Member,
DIRECTORS' REPORT
Your Directors hereby present their Thirteenth Annual Report on the
business and operations of the Company and the financial accounts for the
Year ended 31st March 1999.
DIVIDEND
Your Directors do not recommend any dividend in absence of profit.
OPERATIONS
During the year under review the turnover was Rs. 216.91 lacs as against
Rs. 436.37 lacs during the previous year on account of the Economic
recession prevailing upon the Country in general especially in Capital
Market and the libaralisation policy of National Government has adversily
affected our performance. The trend is likely to continue in the current
year .
Report to BIFR Board: In the Audited Report for the year ended 31st March
1999, it is pertainently reported by the Auditor that, Companies networth
is erroded by morethan 50%. It is therefore necessary to inform the BIFR
Board about the facts that the Company has become sick unit.
Y2K COMPLIANCE
The Company has taken appropriate and effective steps to face the Y2K
Copliance without any additional cost and it dose not call for
contingency plan.
DIRECTORS
In accordance with the provisions of the Companies Act 1956 and the
Company's Articles of Association, Shri. Winston Fernandes retire by
rotation at ensuing Annual General Meeting and being eligible offer for
reappointment.
AUDITORS
M/s. Shyam Agrawal & Co., Chartered Accountants, hold office of the
Auditors of the Company until the conclusion of the ensuing Annual General
Meeting and are eligible for reappointment. The Company has received a
letter from them to the effect that, their appointment made would be within
prescribed limits u/s 224(1B) of The Companies Act, 1956. Accordingly the
said Auditor will be appointed as auditor of the Company at the ensuing
Annual General Meeting.
PARTICULARS OF EMPLOYEES
No employees of the Company is covered under the provision of section 21
7(2A) of the Companies Act 1956, read with Companies (Particulars of
employee) amendment Rule 1988.
DIRECTOR OF PARTICULARS U/S 217(1) (E) OF THE COMPANIES ACT,1956
The Company has setup a research and development department for
standardisation and improvement of road construction machinery and its
components. Energy consumption is quite moderate and doses not justify
efforts for further conservation.
ACKNOWLEDGEMENT
Your Director are pleased to place on record their appreciation of value
contribution, devotion and sense of commitment entered by employees of the
Company which inspires confidence to plan for greater access in current
financial year. Your Directors also like to place on record its
appreciation for the whole hearted support and contribution made by the
support and contribution made by the Banks, Central & State Governments &
local bodies, distributors, suppliers and other business association
towards conduct of efficient operations of your Company.
For and on behalf of Board
Place : Mumbai
Date : 28th May 1999. CHAIRMAN.